Kanye West Rumored to Launch His Own Memecoin, YZY

Rapper and fashion mogul Kanye West, now known as Ye, is reportedly preparing to launch his own cryptocurrency, YZY, which is said to serve as the official currency for his Yeezy clothing brand. According to a February 21 report by Coindesk, the news comes amid Ye’s efforts to regain financial stability following a series of controversial statements that led to major partnerships being severed.

YZY Token Details Emerge

Coindesk obtained information regarding the YZY coin from an unsolicited email sent by Hussein Lalani, who claims to be the Chief Financial Officer of Yeezy. The email contained a press release outlining the upcoming launch of the YZY token and requested that the publication withhold the information under an embargo. However, Coindesk declined to honor the embargo, and the details were later verified by three undisclosed sources close to the project.

The YZY token will reportedly have 70% of its total supply allocated to Ye, with the remaining 30% reserved for liquidity (10%) and investors (20%). Ye’s portion of the tokens will be distributed in phases, with some of the tokens locked for up to 12 months, preventing them from being sold during this period. Despite this vesting schedule, concerns have been raised over the large portion allocated to Ye compared to what investors will receive.

A Strategic Move Amidst Controversy

The launch of the YZY token appears to be part of Ye’s strategy to rebuild his income after losing lucrative partnerships with several major brands, including Adidas and Shopify. These partnerships were terminated following Ye's antisemitic comments in 2022, which led to widespread backlash. The rapper’s controversial remarks—such as praising Adolf Hitler in a live interview and sharing inflammatory posts on social media—resulted in the loss of not only his business relationships with Adidas, Balenciaga, and his talent agency but also the shutdown of his Shopify store.

The YZY coin is being positioned as a means for Ye to regain financial control and leverage his brand to secure a new revenue stream. Despite the challenges, the rapper’s foray into the world of cryptocurrency reflects his ongoing efforts to diversify his ventures and recover from the damage caused by his previous actions.

The Coin Launch: A Mixed Response

The announcement of Ye’s upcoming coin comes after a period of speculation about his interest in cryptocurrency. Previously, Ye reached out to Coinbase CEO Brian Armstrong with inquiries about launching his own coin. However, Ye later publicly stated that he was not interested in launching any tokens, even after being offered $2 million to do so, citing his concerns about how cryptocurrencies "prey on the fans with hype."

The development of YZY contradicts these earlier statements, with some industry watchers now questioning whether the move is more about generating buzz than offering genuine utility to his followers. Whether the token will find a market or face backlash due to the rapper's controversial reputation remains to be seen.

Conclusion

As Ye prepares to unveil his YZY memecoin, all eyes will be on whether this venture can successfully help him rebuild his financial empire. The token's launch is expected to have a significant impact on his Yeezy brand, but it also raises questions about the ethical implications of using cryptocurrency as a means to recover from a tarnished reputation. With his past controversies still fresh in the public eye, it remains to be seen whether Ye’s new coin will find success or fuel further debate.